Warning: session_start(): open(/tmp/sess_a57c2bc139d69ea21bbe0a9c8b8b10cf, O_RDWR) failed: Disk quota exceeded (122) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: session_start(): Failed to read session data: files (path: /tmp) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: Cannot modify header information - headers already sent by (output started at /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php:83) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-weather/class.jnews-weather.php on line 70
Bitcoin Rally Falters as Stocks Drop Ahead of Trump’s China Speech – The Future Coin
The Future Coin

Bitcoin

$55,338.16

BTC -9.41%

Ethereum

$2,123.81

ETH -11.72%

XRP

$1.31

XRP -19.48%

Litecoin

$263.10

LTC -18.97%

EOS

$6.59

EOS -20.39%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Bitcoin News

Bitcoin Rally Falters as Stocks Drop Ahead of Trump’s China Speech

by The Future Coin
May 29, 2020
in Bitcoin News
0
Bitcoin Rally Falters as Stocks Drop Ahead of Trump’s China Speech
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Bitcoin’s bulls are taking a breather amid jitters in the traditional markets over rising tensions between the U.S. and China. 

The world’s biggest cryptocurrency is trading near $9,400 at press time, having posted an eight-day high of $9,620 on Thursday. Prices have gained 8% so far this week, according to CoinDesk’s Bitcoin Price Index. 

download-4-33
Bitcoin daily chart

While bitcoin looks to be consolidating on recent gains, major European stock markets are flashing red for the first time this week. Leading the way lower is Germany’s DAX, down 1.5% on the day, followed by France’s CAC, which is reporting a 1% decline. Across the pond, futures tied to Wall Street’s equity index S&P 500 are down 0.5%, as per Investing.com.

Markets look to have become cautious ahead of President Trump’s response to China’s decision to implement a national security law in Hong Kong, putting the jurisdiction’s autonomy in doubt. 

“We’ll be announcing what we’re doing tomorrow (Friday) with respect to China. And we are not happy with China. We are not happy with what’s happened,” Trump told reporters on Thursday. Washington warned earlier this week that it would impose sanctions on China if the law is introduced. 

The expectation is that Trump will announce some symbolic sanctions against individuals and companies. That said, with the presidential elections due in November, a bigger action cannot be ruled out. The resulting geopolitical tensions could bode well for bitcoin as many analysts and investors consider it a safe haven asset. 

“I expect serious anti-Chinese rhetoric in the coming days/weeks/months as Trump tries to use nationalism/protectionism and anger towards China/COVID as a major catalyst for support,” Phillip Gillespie, CEO of B2C2 Japan, told CoinDesk in an email. “I am personally bullish [on bitcoin] due to a combination of excess stimulus from all the major central banks (ample liquidity in the system) and pick-up in geopolitical risks.”

Meanwhile, analysts at Stack, a provider of cryptocurrency trackers and index funds, believe the geopolitical tensions have created a “perfect storm” for the cryptocurrency. 

In fact, they suggested in a weekly report on Thursday that the cryptocurrency’s week-to-date gains are the result of increased haven demand fueled by the U.S.-China tensions and the slide in the yuan. 

“Previously back in 2019, similar fears have driven Chinese investors to move their onshore RMB (China’s yuan) out of the country, where speculators reckon a part of that has trickled into Bitcoin given the increased demand over the same period,” according to the report. “We are observing similar price action currently as Bitcoin has rallied 6.2% since, from $8,700 to $9,250 level, once again breaking out from its 2019-2020 daily trendline.“

Also read: Slipping Chinese Yuan May Boost Bitcoin Price, Past Data Suggests

It remains to be seen if the geopolitical tensions escalate and lead increased haven flows into bitcoin. The cryptocurrency did rise by over 30% in the first half of January when Iran and the U.S. conducted airstrikes on their respective bases in Iraq, injecting geopolitical uncertainty into the financial markets.

Some might argue that bitcoin failed to perform as a haven asset during the height of the coronavirus crisis in March. While that is true, almost every asset, including classic safe haven asset gold, took a beating back then as investors fled for cash. 

Aside from President Trump’s China speech, bitcoin analysts are also keeping an eye on the May expiry of cash-settled futures and options contracts listed on the Chicago Mercantile Exchange (CME). 

“23k bitcoin equivalent futures and 10k bitcoin options are set to expire this Friday on CME. Approx 50% of open interest for each product,” crypto derivatives research firm Skew tweeted earlier this week.

Price volatility tends to pick up around the time of expiry of futures and options activity due to increased trading activity.

However, CME’s contribution to total futures open interest listed across the globe is only 11%, according to Skew data. Similarly, the Chicago exchange’s contribution to total options open interest is also quite low, so the expiry – due Friday at 15:00 UTC – may not have a major influence on prices. 

Disclosure: The author holds no cryptocurrency at the time of writing.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Source link

EDITOR’S CHOICE

You Can Now Earn Ethereum 2.0 Staking Rewards on Coinbase

Ethereum Could Reduce Fees With Batch Transactions

Ethereum Rival Polkadot Futures Suffer 99% Flash Crash—Forcing Binance To Enact Fresh Controls

Global Crypto Investment Fund FD7 Ventures to Sell $750M USD Worth of Bitcoin to Increase Cardano and Polkadot Holdings

Coinbase Files for Direct Public Listing With SEC – Cryptocurrency Regulation

Tanla to take Blockchain platform Trubloq abroad

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 55,292.00
ethereum
Ethereum (ETH) $ 2,121.74
binance-coin
Binance Coin (BNB) $ 455.94
xrp
XRP (XRP) $ 1.31
tether
Tether (USDT) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.305295
cardano
Cardano (ADA) $ 1.21
polkadot
Polkadot (DOT) $ 36.23
litecoin
Litecoin (LTC) $ 263.36
bitcoin-cash
Bitcoin Cash (BCH) $ 896.67
uniswap
Uniswap (UNI) $ 30.00
chainlink
Chainlink (LINK) $ 35.05
vechain
VeChain (VET) $ 0.211267
usd-coin
USD Coin (USDC) $ 1.00
stellar
Stellar (XLM) $ 0.510506
theta-token
Theta Network (THETA) $ 10.87
filecoin
Filecoin (FIL) $ 152.81
tron
TRON (TRX) $ 0.135052
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 55,238.00
solana
Solana (SOL) $ 26.64
binance-usd
Binance USD (BUSD) $ 1.01
eos
EOS (EOS) $ 6.59
neo
NEO (NEO) $ 82.36
bitcoin-sv
Bitcoin SV (BSV) $ 310.25
klay-token
Klaytn (KLAY) $ 2.34
monero
Monero (XMR) $ 311.20
bittorrent-2
BitTorrent (BTT) $ 0.008310
crypto-com-chain
Crypto.com Coin (CRO) $ 0.215872
iota
IOTA (MIOTA) $ 1.96
cosmos
Cosmos (ATOM) $ 20.73
terra-luna
Terra (LUNA) $ 12.99
aave
Aave (AAVE) $ 367.21
tezos
Tezos (XTZ) $ 5.86
ethereum-classic
Ethereum Classic (ETC) $ 35.09
compound-ether
cETH (CETH) $ 42.40
okb
OKB (OKB) $ 15.52
ftx-token
FTX Token (FTT) $ 47.27
algorand
Algorand (ALGO) $ 1.44
cdai
cDAI (CDAI) $ 0.021480
avalanche-2
Avalanche (AVAX) $ 28.17
kusama
Kusama (KSM) $ 391.59
nem
NEM (XEM) $ 0.414606
compound-usd-coin
cUSDC (CUSDC) $ 0.022009
dai
Dai (DAI) $ 1.00
thorchain
THORChain (RUNE) $ 14.13
pancakeswap-token
PancakeSwap (CAKE) $ 20.73
elrond-erd-2
Elrond (EGLD) $ 182.20
holotoken
Holo (HOT) $ 0.016991
huobi-token
Huobi Token (HT) $ 16.94
dash
Dash (DASH) $ 292.59